GM Statement Regarding the Company's Position on Restructuring

[Bruce Nunnally]

Contrary to today’s story in the Wall Street Journal, GM has not changed its position on bankruptcy.

Restructuring the business out of court remains the best solution for GM and its constituents. The company has established a clearly-defined plan to restructure its business and restore GM to long-term viability, and GM is aggressively executing that plan through a series of actions outlined in its February 17 viability plan.

As a prudent business measure, the company has analyzed various bankruptcy scenarios. However, the company firmly believes an in-court restructuring would carry with it tremendous costs and risks, the most significant being a dramatic deterioration of revenue due to lost sales.